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Sun 17 Jan 2010 01:44 PM

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Kuwait firm bids for $1.2bn Philippines airport deal

Al-Mal Investment Co in negotiations with authorities for Clark airport tender.

Kuwait firm bids for $1.2bn Philippines airport deal
AIRPORT DEAL: Al-Mal Investment Co said it has bid for a tender to develop an airport in the Philippines. (Getty Images)

Kuwait's Al-Mal Investment Co, said it has bid for a tender to develop an airport in the Philippines, valued at about $1.2bn.

"The firm notifies that it has bid for a tender to develop Clark airport with a cost close to $1.2bn," Al-Mal said in a statement on the Kuwaiti bourse website on Sunday.

The firm, which is controlled by the family-owned conglomerate Kharafi Group, said it was still in negotiations with the concerned authorities in the Philippines. (Reuters)

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